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Catalyst Team Unveils Fund 11

The launch of Fund 11 with ₳50m Allocation
CryptoCounselNov 17, 20235 min read391 views

In an exciting revelation, the IOG Catalyst team announces the launch of Fund 11, boasting a substantial fund size of ₳50m. The kickoff was scheduled for the Project Catalyst town hall on November 15, with proposal submissions now open until November 30.

Key Highlights of Fund 11

Progressive Evolution:

Fund 11 signifies a significant leap forward, showcasing the collaborative evolution of Project Catalyst by the Catalyst team and the Cardano community.

New Funding Categories:

Introducing innovative funding categories focusing on blockchain applications and use cases, categorized by the readiness of the proposed idea.

Refined Eligibility Criteria:

Updates to eligibility criteria reflect a commitment to progressive growth within the Cardano ecosystem.

Here are the updates:

Limits on Proposals: Applicants can lead or co-propose up to 5 Catalyst proposals with specific conditions for eligibility.

No Active Project Outstanding: Eligibility requires the completion of any outstanding projects from F7 or prior.

Reporting Track Record: Lead proposers and co-proposers with 5 or more active projects funded in F8 or later must have a track record of submitting at least 3 monthly reports in the 6 months preceding the submission under F11.

Source: Daniel Ribar Twitter.

Fund 11 Overview: Allocating Resources for Progress

Project Catalyst's Fund 11 carries a substantial financial commitment, with a total budget of ₳50,000,000 ($18,500,000). This substantial allocation underscores the gravity of the projects it aims to nurture. Within this fund, seven distinct categories have been delineated, each with a specific focus and budget, reflecting the diverse challenges and opportunities facing the Cardano ecosystem.

Categories and Launched Projects: A Multifaceted Approach

Fund 11 unfolds across seven distinct categories, each designed to address specific facets of Cardano's growth:

Cardano Use Cases: Concept (₳7.5M)

Cultivate Dapp ideas and product concepts requiring design and basic prototyping.

The category awaits innovative proposals to demonstrate novel applications of Cardano.

Cardano Use Cases: Solution (₳7.5M)

Support early blockchain startup projects, aiding them in reaching Cardano testnet or MVP readiness.

Open to proposals that accelerate startup projects within the Cardano ecosystem.

Cardano Use Cases: Product (₳7.5M)

Accelerate the development of products and integrations for high-impact use cases, driving adoption.

Seeking proposals for projects that contribute to the scalability and adoption of Cardano.

Cardano Open: Developers (₳10.5M)

Foster the development of open-source tools vital for the thriving Cardano developer ecosystem.

Seeking proposals to enhance the technical infrastructure supporting Cardano development.

Cardano Open: Ecosystem (₳10.5M)

Cultivate creative ideas and activities, expanding Cardano's global footprint, educating, and onboarding more users.

Welcoming proposals to enrich the Cardano community and broaden its user base.

Catalyst Systems Improvements: Discovery (₳1.5M)

Advance the state-of-the-art of the Catalyst Voting System through research and development.

Open to proposals focusing on discovering innovative approaches to enhance the Catalyst system.

Catalyst Systems Improvements: Development (₳1.5M)

Propel the state-of-the-art of the Catalyst Voting System through research and development.

Inviting ideas to advance the functionality and efficiency of the Catalyst voting mechanism.

How it Works: The Dynamic Funding Cycle

Project Catalyst operates on a dynamic funding cycle, ensuring transparency, community engagement, and effective project implementation.

Proposal Submission: Proposers pitch their ideas to the global community through the Catalyst collaboration platform.

Community Review: Submitted proposals undergo scrutiny by the community, with members offering opinions and evaluations based on impact, feasibility, resources, value for money, and success metrics.

Community Voting: ADA holders register to vote using supported Cardano wallets, voting on proposals through the Project Catalyst voting app.

Vote Validation: Results are published with on-chain data, ensuring transparency and trust in the voting process.

Project Onboarding: Successful projects undergo onboarding, featuring proof of life meetings and milestone approval by community reviewers, fostering accountability and showcasing impact.

Getting Involved: The Power of Community Participation

Project Catalyst invites community members to actively participate in shaping the Cardano ecosystem's future. Whether submitting ideas, reviewing proposals, voting, or setting future challenges, there are numerous avenues for engagement.

Submit an Idea: Anyone in the community can contribute ideas, addressing challenges and opportunities within the Cardano ecosystem.

Become a Voter: ADA holders can influence the course of Project Catalyst by voting for ideas they believe in.

Become a Community Reviewer: Community reviewers play a vital role, offering opinions and ratings based on predefined criteria. Their contributions help inform the voting decisions of the community.

Fund Rules and Eligibility: Ensuring Responsible Growth

Project Catalyst operates within a rules and eligibility criteria framework to ensure responsible growth and minimize potential adverse outcomes. These rules encompass proposal limits, ongoing project completion, and adherence to sanctions.

Eligibility Criteria: Individuals or entities with ideas positively impacting Cardano are eligible to submit proposals. Strict criteria ensure fair participation, including limits on the number of proposals and completion of ongoing projects.

Funding Types and Usage: Funding requests span various stages of technical innovation, software development, ecosystem building, and community activities. Funding usage is diverse, covering labor costs, overheads, materials, travel, training, market assessment, and more.

How Long Can My Project Be? - Projects must complete all milestones within 12 months from the project award.

Key Steps of the Funding Process - The funding process involves innovation submission, community review, moderation, voting, results, onboarding, funding, and monthly reporting.

How Do I Submit a Proposal? - Proposal submission is facilitated through the Catalyst collaboration platform. Proposals can be submitted in draft form and finalized before the submission deadline.

What Are the Proposal Requirements? - Proposals must be complete, accurate, and focused on bettering the Cardano ecosystem. Duplicate submissions and incomplete proposals face disqualification.

Review Process: The review process involves both automated scripts and community moderators.

Role of Community Moderators: Community moderators play a crucial role in reviewing flagged reviews, ensuring the integrity of the community review process.

Voting Mechanics: Empowering the Cardano Community

Voting in Fund 11 adopts a Yes/Abstain mechanic across all categories, simplifying decision-making for community members. Proposals are ranked based on the Yes votes received, with funding allocated until the category budget is exhausted.

Who Can Vote on Proposals?

Upon completing the Community Review Stage, ADA holders with a minimum of ₳500 can vote through the voting app. Votes are weighted according to the voter's ADA token holding.

Where Are Voting Results Published?

The Catalyst team transparently publishes the results of the community vote in a Voting Results Guide.

Onboarding of Approved Proposals: Setting the Stage for Success

Successful proposals undergo a meticulous onboarding process, confirming compliance with rules and grant conditions. Applicants are required to submit a Statement of Milestones outlining project deliverables. The onboarding process must be completed within 90 days of award notification.

Payments and Monthly Reporting: Ensuring Accountability

Upon successful onboarding, projects receive an initial payment covering the first milestone. Subsequent funding depends on submitting Proof of Achievement, monthly progress reports, and milestone adherence. Failure to submit reports may lead to funding suspension or termination.

Fund 11 Timeline: Navigating the Future of Cardano

The timeline for Fund 11 provides a roadmap for the dynamic evolution of Project Catalyst:

  • Nov 15th, 2023: Fund 11 launched at Town Hall #146.
  • Nov 16th, 2023: Proposal submissions open for two weeks.
  • Dec 14th, 2023: The Community Review stage will begin, concluding on Jan 22nd.
  • Jan 25th, 2024: Fund 11 voting will commence, ending on Feb 8th.
  • Around Feb 15th, 2024, Fund 11 selected proposals will be announced.
  • March 2024: Onboarding of Fund 11 funded proposals.

Important links

Shaping the Future Together

Fund 11 is like a treasure map for Cardano's future, drawn by the community. As we explore proposals and cast our votes, each of us becomes a builder of Cardano. Fund 11 isn't just about money; it's about us coming together to create, decide, and shape the future of Cardano. With Fund 11 guiding us, we're steering towards a more open, exciting, and truly our Cardano.

Note: The Fund 11 timeline and details may evolve; any changes will be communicated through official announcement channels.

2 weeks ago